Africa’s largest oil refinery is preparing to go public in a historic multi-exchange listing that could reshape the continent’s capital markets.
Aliko Dangote, Africa’s wealthiest individual, has announced plans to list approximately 10% of the Dangote Oil Refinery in a $40 billion IPO spanning multiple African stock exchanges. The move marks a significant milestone for the continent’s financial infrastructure and signals growing confidence in Africa’s industrial potential.
The proposed listing is tied to Dangote Group’s ambitious Vision 2030 programme, which targets $100 billion in annual revenue. The refinery, operational since 2024 in Lagos, Nigeria, represents one of the most consequential industrial projects in the nation’s modern history. With capacity to process 650,000 barrels per day, the facility has already begun transforming Nigeria’s downstream oil sector.
Proceeds from the IPO will fund a major expansion: doubling refining capacity to 1.4 million barrels per day and quadrupling fertiliser production. Additional plans include establishing potash and phosphate operations in the Democratic Republic of Congo and copper-refining capacity in Zambia.
Traditionally, major African companies seeking significant capital had to look beyond the continent. Dangote’s approach breaks from this pattern by distributing the offering across several African exchanges simultaneously, drawing from multiple investor pools.
The dollar dividend structure is an enticing feature for foreign participation. That addresses the currency concern that would otherwise limit serious foreign appetite, explained Oyinkansola Aregbesola, a Lagos-based investment professional. She noted that the refinery’s insulation from upstream volatility due to stable regional demand for refined products adds to its appeal.
If successful, the listing could become a blueprint for other African corporations considering public offerings. Frank Mwiti, CEO of the Nairobi Securities Exchange, confirmed discussions with Dangote about how African exchanges could support what may be Africa’s largest-ever IPO.
Beyond the financial metrics, a major $40 billion IPO taking place within Africa carries symbolic weight. It offers retail and institutional investors across the continent a chance to own stakes in strategic industrial assets and could mark a turning point in the development of Africa’s capital markets.
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